California Revenue and Taxation Code

§ 23201

RTC § 23201Div. 2 · Part 11 · Ch. 2 · Art. 3.5

Statute text

(a)In the case of a taxpayer whose tax for the first taxable year was computed under Sections 23222 to 23224, inclusive (or corresponding sections of prior laws), there shall be allowed as a credit against the tax for the taxable year of dissolution or withdrawal, the excess of the tax paid over the minimum tax for the first taxable year which constituted a full 12 months of doing business in this state and whose income has been included in the measure of tax of a succeeding taxable year.

(b)Any credit previously allowed under this section or for a year in which the taxpayer ceased doing business shall not be allowed again in computing a credit under this section.

Legislative history

Amended by Stats. 1977, Ch. 552.